Moody's affirms Tanger; outlook positive

Moody's Investors Service said it affirmed its Baa3 senior unsecured rating for Tanger Properties Ltd. Partnership, the operating partnership of Tanger Factory Outlet Centers, Inc, and revised the outlook for Tanger to positive from stable.

This rating action incorporates Tanger's stable performance throughout the economic downturn to date, overall defensive nature of outlet retailing, as well as the REIT's strong credit metrics in its rating category, the agency said.

Despite the retrenchment in consumer demand over the past several quarters, Tanger has been able to maintain its occupancy at around 95% while posting positive same-store NOI growth and strong re-leasing spreads, along with high tenant retention, according to Moody's.

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